充换电服务业以及信息传输、软件和信息 技术服务业用电量增长较快 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 12 月 03 日 登记编码：S0730522100003 电力及公用事业 分析师：陈拓 chentuo@ccnew.com 投资要点： ⚫ 行情回顾：11 月电力及公用事业指数表现强于市场。截至 2025 年 11 月 28 日，11 月中信电力及公用事业指数下跌 1.80%，跑赢沪深 300（-2.46%）0.66 百分点。子行业方面，11 月涨跌幅排名依次为： 供热或其他(3.61%)、燃气(3.39%)、水电(-0.85%)、环保及水务 (-2.18%)、其他发电(-2.68%)、电网(-3.58%)、火电(-3.59%)。 ⚫ 全国电力供需情况 需求端：2025 年 10 月单月用电量增速达到两位数。根据国家能源 局数据，10 月全社会用电量 8572 亿千瓦时，同比增长 10.4%。充 换电服务业以及信息传输、软件和信息技术服务业用电量增长较 快。 供给端：根据国家统计局数据，22025 年 10 月，我国规上工业发 电量同比增长 7.9%。 ...

Core Viewpoint - The electricity and public utilities sector has outperformed the market in October, with the CITIC Electricity and Public Utilities Index rising by 4.71% since the beginning of the month, surpassing the Shanghai and Shenzhen 300 Index by 3.09 percentage points [1][2]. Group 1: Market Performance - The CITIC Electricity and Public Utilities Index has increased by 4.71% since October 1, 2025, outperforming the Shanghai and Shenzhen 300 Index, which rose by 1.62% [1][2]. - The leading sub-sectors in terms of growth are thermal power (8.70%), gas (6.45%), and hydropower (4.48%) [1][2]. Group 2: Electricity Supply and Demand - In September 2025, electricity consumption increased by 4.5% year-on-year, with the first industry showing a higher growth rate compared to other industries and residential consumption [3]. - The industrial electricity generation in September 2025 saw a year-on-year increase of 1.5%, with thermal and wind power generation experiencing a decline, while hydropower generation increased [3]. - As of September 2025, the installed capacity of wind and solar power (45.96%) has surpassed that of thermal power (40.45%) [3]. Group 3: Coal Market - In September 2025, the production of raw coal was 410 million tons, a year-on-year decrease of 1.8%, with the decline rate narrowing compared to August [4]. - Coal prices have been rising, with the price of thermal coal at northern ports reaching 760 yuan/ton, an increase of 8.57% for the month [4]. Group 4: Natural Gas Market - Natural gas production increased by 9.4% year-on-year in September 2025, while imports decreased by 7.86% [6]. - The price of liquefied natural gas in China was 3864 yuan/ton as of October 20, 2025, remaining stable for the month [6]. Group 5: Hydropower Conditions - The water inflow at the Three Gorges has significantly improved since September 2025, with the inflow rate increasing by 143% compared to the same period in 2024 [7]. Group 6: Regional Electricity Supply and Demand - In September 2025, Henan Province experienced a year-on-year decrease in total electricity consumption of 4.99% and a decrease in generation of 12.1% [8]. - The installed capacity in Henan Province reached 16,259 MW by the end of September 2025, with wind and solar power accounting for 50.05% of the total [8].

Core Viewpoint - The company reported an increase in power generation and grid-connected electricity volume for the first three quarters of 2025 compared to the same period last year, indicating a positive growth trend in its operational performance [1] Group 1: Power Generation and Electricity Volume - For the first three quarters of 2025, the company achieved a total power generation of 349.241 billion kWh and grid-connected electricity volume of 332.134 billion kWh, representing a year-on-year growth of 0.68% and 0.68% respectively [1] - In the third quarter of 2025, the company generated 143.215 billion kWh of electricity and connected 136.333 billion kWh to the grid, with year-on-year increases of 7.57% and 7.58% respectively [1] - The volume of electricity traded in the market accounted for 89.86% of the total grid-connected electricity [1] Group 2: Installed Capacity - As of September 30, 2025, the company's consolidated installed capacity reached 123.2414 million kW, comprising 79.293 million kW from thermal power, 14.9506 million kW from hydro power, 10.4285 million kW from wind power, and 18.5693 million kW from solar power [1]